I don't know about the 1.2Ω resistor, seems a tad high, if you lower that value more current will go by the transistor and less for the regulator to take.
Yes, I also have some doubt about the emitter resistor value; as it is, I expect the current through the transistor not to exceed about 1 A.
Reasoning:
We have two diodes drop (D1+D2) voltage across the resistor R6 and the BE junction of Q1.
Let's say it's about 1V (as per the DS, with 3A through the diode), so 2V total (excess rounding).
Across R6 we have 2 - 0.7 = 1.3V.
Ohm's law gives us a current of 1.3V/1.2
= ~1.1A
All the rest will be carried by the regulator.
...at 3A (taking 0.65V for VBE) the transistor will be taking 2.6A and the reg 0.4A. If you lower it to 0.47Ω the transistor will take 2.8A and the reg 0.2A...
Am I missing something? See above my calculations.